Buyer InformationPlant & Machinery, Inc. - Auctioneers, Appraisers, Liquidations, Real Estate
Frequently Asked Questions for Buyers
Can I inspect the equipment before the auction?
One day prior to the auction, we open the auction site to allow buyers to preview the equipment for sale. Our on-site team will be available to direct you to the equipment you’re interested in. If you’re unable to attend on the preview day, please call (713) 691-4401 to determine if it is possible to schedule a private inspection.
When should I arrive at the auction, and what should I bring?
Please arrive no later than 30 minutes prior to the auction start time. Please come to the auction office as soon as you enter the auction site, and register with us to bid. You must bring valid identification. Registration goes much more quickly if you have a business card. Once you’ve registered, you will receive your bidding paddle with a number on it, as well as the auction catalog. Remember to bring cash, check or other approved form of payment. Also, if you are planning to remove your purchase from the site using a powered vehicle, you will need to have a certificate of insurance on file in the amount of $1,000,000 plus statutery workman’s comp. PMI and the landlord must be added as an additional insured.
How do I bid online?
To bid online for one of our auctions, you must register at least 24 hours in advance. To register, go to the website page for the auction you are interested in and click on the link that says “Register and Bid” or the Bidspotter.com logo. This will take you the BidSpotter website, where you will click either “First time Bidspotter.com registration” or “Register for this auction.” Follow the instructions to complete your registration. If you have questions or need assistance, visit the BidSpotter Help Desk http://www.bidspotter.com/forms/help.phpand you will receive help with your concern.
Can I place a proxy bid?
We know there are times when you are unable to attend an upcoming auction. Proxy bids allow you to bid without being present.
- Print a letter to Plant & Machinery, Inc. (PMI) on your company letterhead, explaining that you want PMI to bid on your behalf at the ___________________ auction.
- Describe the item(s) that you want to bid on. Make sure you describe them clearly enough so that we do not confuse them with any other item at the sale.
- For each of the above items, list the maximum dollar amount that the proxy bidder should stop bidding at if the bidding goes that high. (Although the proxy bidder will bid for you as if you were there, he or she must have a place to drop out if the bidding from the floor continues.)
- Total up your bid(s) and take 25% of that amount. Send a cashier’s check (or company check with letter from bank guaranteeing your check) for that 25%, payable to Plant & Machinery, Inc. and send it in with your letter.Alternatively, you can send your deposit via wire transfer. Wiring instructions are available on our website calendar page for the particular sale you’re bidding at. We will not deposit the check until we know that you have successfully purchased the item(s).
- If successful:
- We will deposit the check and call you with your balance due, along with providing you wiring instructions in order to facilitate immediate payment.
- We will also provide you with several rigging companies that you can contact to quote you independently on what it will take to get the machine back to your location.
- If you are unsuccessful, we will mail the check back to you when we get back to our Houston office from the auction site.
- Make your bid amount logical. A bid of $33,333 makes no sense, since the bid increments on so large an item would never be less than $250 (and more likely $500 or $1000). Therefore, bid $33,250 or $33,500 based on the example used.
- We cannot accept your bid with any qualifying statements such as “If the machine is in good running condition.” We never make any such claims, always selling “as is, with all faults”. If you want such an inspection to be made, you should either attend the sale in person, or, have a friend that is going to the auction, inspect and bid for you instead of having PMI do it.
- Most auctions include a buyer’s premium that is added to the total of the invoice. Take this into account when formulating your bid. We recommend that the bid amount that you submit to us be without buyer’s premium, since that is the amount to be used by your proxy at the sale. This will avoid confusion.
- Do not delay. Bids received at the last minute may not get communicated in time. Get the bid in two or more days before the sale.
What is a buyer’s premium?
A buyer’s premium is a small fee (usually 15%) that’s added to the winning bid for each item. The fee goes to the auction house to cover sale costs. A buyer’s premium will be added to each successful on-site and online bid. Check the auction event details to find the buyer’s premium for each event.
What are the Terms of sale?
NOTICE: All Bidders and other persons attending this sale agree that they have read and have full knowledge of these terms and agree to be bound thereby.
- IDENTIFICATION – All purchasers are required to give full name and address at time of registration. Any other arrangements must be made with Auctioneer prior to bidding. If not, the merchandise will be deemed abandoned and Buyer will lose any right, title or interest Buyer may have acquired and the merchandise shall revert and repossess to Auctioneer without further notice to Buyer and the transaction shall be null and void as to Buyer.
- REMOVAL – All purchases must be removed within time announced by Auctioneer. No lot can, on any account, be removed during the sale. All goods are sold “Where Is”. Removal shall be at the expense, risk and liability of the Buyer. Purchases will be delivered only on presentation of paid bill. Auctioneer shall not be responsible for goods not removed within the time allowed, but shall have the option to remove and store at the expense and risk of the Buyer any article purchased, but not paid for and removed within the time aforesaid. The Removal Copy will be required by our checkout personnel before you can remove your goods. This will be provided to you when your bill has been paid in accordance with or payment terms. They will also give you a Customer Copy, which is only a bookkeeping copy. The Removal Copy is the important one that must be presented by you or your rigger each time you come to pick up goods.
- MANNER OF PAYMENT – All payments must be made by cash, wire transfer, cashier’s check or company check with a bank letter of authorization guaranteeing funds to Plant & Machinery, Inc. All check for deposits and balances due shall be payable to the order of “Plant & Machinery, Inc.”. All bills must be paid to representatives of the Auctioneer at the plant unless otherwise announced. The full purchase price on all lots sold to the same Buyer must be paid within the time fixed and before removal of any goods.
- CONDITION OF ARTICLES SOLD – The Auctioneer shall not be responsible for the correct description, genuineness, authenticity of, or defect in any lot, and makes no warranty in connection therewith. NO sale will be set aside nor allowance made on account of any incorrectness, error in commentary, cataloging, or any imperfection not noted. No deduction allowed on damages articles, all goods being exposed for public exhibition are purchased and accepted by Buyer “AS IS”, “WHERE IS” and “WITH ALL FAULTS”. Auctioneer makes no warranties or guarantees whatsoever whether written, oral or implied as to quality, quantity, condition, usability, salability, weight, measurement, year, model, mechanical condition, performance or other specifications and without recourse.
- CLAIMS – No Claims will be allowed after removal of goods from premises.
- RESPONSIBILITY FOR NON-DELIVERY – Auctioneer shall not, in any event, be liable for non-delivery of such lot, storage or removal fees or costs, lien satisfaction or for any other matter or thing, to any Buyer of any lot, other than for the return to the Buyer of the deposit or sum paid on said lot, should the Buyer be entitled thereto.
- COMPLIANCE WITH TERMS OF SALE – In default of payment of bills in full within the time therein specified, the Auctioneer in addition to all other remedies allowed by law, may retain all monies received as deposit or otherwise, as liquidated damages. Lots not paid for and removed within the time allowed herein may be resold at public or private sale without further notice, and any deficiency, together with all expenses and charges of re-sale, will be charged to the defaulting purchaser.
- RISK TO PERSON AND PROPERTY – Persons attending during exhibition, sale or removal of goods assume all risks of damage of or loss to person and property and specifically release the Auctioneer from liability therefor. Neither the Auctioneer nor his principal shall be liable by reason or any defect in or condition of the premises on which the sale is held.
- ADDITION TO OR WITHDRAWAL FROM SALE – The Auctioneer reserves the right to alter the order of the sale, withdrawal from the sale any of the property listed or to sell at this sale property not listed, and also reserves the right to group one or more lots into one or more selling lots or to subdivide into two or more selling lots, and accept bids from the seller. Whenever the best interest of the Seller will be served, the Auctioneer reserves the right to sell property listed, in bulk.
- SALE BY ESTIMATED WEIGHT, COUNTY OR MEASURE – Where items are sold by estimated weight, count or measure, the Buyer will be billed for and required to pay for the estimated weight, count or measure. If, upon delivery, any shortage exists, the Buyer will receive a refund at the rate of the purchase. If there be an excess, the Buyer will be required to take and pay for such excess, at the rate of the purchase.
- DISPUTE BETWEEN BIDDERS/BID INCREMENTS – If any dispute arises between two or more bidders, the Auctioneer may decide the same or put the lot up for sale again at once, or resell to the highest bidder. Auctioneer may reject a nominal or fractional bid advance if, in his estimation, it proves injurious to the sale. The Auctioneer’s decision shall be final and absolute.
- RECORDS – The record of sale kept by the Auctioneer and bookkeeper will be taken as final in the event of any dispute.
- AGENCY – The Auctioneer is acting as agent only and is not responsible for the acts of its principals.
- SALES TAX – All sales are subject to state and local taxes, unless a proper exemption certificate including tax exempt number is presented at the time of payment.
- BUYER’S PREMIUM – The Auctioneer in its sole discretion may impose a Buyer’s Premium (or Buyer’s Fee) on any goods sold. The Buyer’s Premium is a percentage that is added to the final purchase price of any items.
- SHIPPING – All coolants, oil and fluids must be drained from all machinery and equipment prior to removal. All of the above must be shipped in compliance with state and federal regulations.
- INSURANCE – All Buyers, or the Buyer’s riggers, planning to remove items from the sale site using a powered vehicle, must provide the Auctioneer, Owner and Landlord a certificate of insurance in amounts acceptable to the above parties plus workman’s comp. PMI and the landlord must be added as an additional insured.
- DEPOSIT – Auctioneer reserves the right require a deposit.
- ADDITIONAL TERMS AND CONDITIONS – The Auctioneer may modify or supplement these terms and conditions of sale by language in the catalog available at the sale site or by announcement at the start of the sale.
How are auction items scheduled?
Each bidder is given a catalog. This catalog lists everything by number that is to be sold, and the order in which it is to be sold. We cannot predict specific times certain items may sell. We can tell you that we average approximately 100 lots per hour. The physical distance between each item may cause this number to fluctuate. There are also times when we may group some lots together in one bid. This causes the average lots per hour to change.
What are the terms of payment?
All purchases must be paid in full within time announced by auctioneer and prior to removal. We accept the following forms of payment:
• Cashier’s Check
• Company check with BANK LETTER OF GUARANTEE.
• Wire Transfer
• Sorry, we do not accept credit card payments.
Am I responsible for sales tax on my purchase?
In most states and municipalities, Plant & Machinery, Inc. is required to charge sales tax on your auction purchases. In some cases, you may be able to provide a resale or manufacturing tax exemption certificate to have the tax removed from your purchase. If this is applicable, we require that you fill out the appropriate forms and provide them to us before we will consider your invoice paid in full. This is required for each invoice. If you wish, we will fax or email you a tax-exemption form for any upcoming auction. Forms will also be available at the auction site.
How do I remove my purchased equipment?
Each auction will have specific removal dates, times and requirements. Generally, you can begin removing your hand carry items as soon as the auction ends. Removal continues for as long as necessary, usually 1 to 2 weeks. PMI staff is on-site during this period. We provide a list of independent riggers that you can contract with to remove your equipment. Our employees do not provide any packing/crating, shipping or rigging services. Anyone using a powered vehicle to move items, whether they are a rigger or a buyer, must have a certificate of insurance on file in the amount of $1,000,000 plus workman’s comp. PMI and the landlord must be added as an additional insured.
• No item may be removed until the last item has been sold.
• No removal may begin until payment in full has been made.
• We reserve the right to delay the removal on any item until we talk to your bank.
• We will stay for at least one hour following the auction to allow for removal of small items.
• All items must be removed by the date announced at the auction site or be subject to storage charges and other fees.
No refunds or adjustments will be made once items have been removed from the property. All refunds or adjustments are solely at the discretion of the auction company. Small items left longer than 24 hours are not subject to refunds.
Following the auction, we will provide security during the entire removal period. However, we will guard small items for the first 24 hours only. All claims must be made at the site and must be reported to a representative of Plant & Machinery, Inc.
We are proud of our body of work and our reputation. We certainly would welcome the opportunity for our team of professionals to design a program to meet your asset sales goals via a professional auction event.
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